A few years after selling LowerMyBills.com to Experian for a whopping $380M back in 2005, Matt Coffin traded his 15,000 sq. ft. Bel-Air mansion for this much smaller, much more easily maintained 4200 square footer in Sag Harbor. He, along with designer (and former president of Wilhelmina Models) Natasha Esch and their two children, purchased the place for $2.7M in 2008 as a way for the family "to get fully reacquainted with living here."
Well, it looks like re-familiarizing themselves with the area didn't take very long as the family of four already moved on to Sandy Gallin's 6500 sq. ft. "Serenity" in Bridgehampton (purchase price: $17.5M) last year. They put this John Bjornen design on the market shortly thereafter, but it took a little while?almost a full year?to find a buyer.
Since the couple made a few changes to the home?they finished the basement and "[tore] down an interior wall to connect the kitchen and the dining area"?they'll be lucky to break even on the upcoming sale. Considering the depth of Mr. Coffin's pockets and the pair's new digs, we have a feeling they aren't losing much sleep over it.
· Quaint Hamptons Home [Wall Street Journal]
· Listing: Sag Harbor Village Jewel [Sotheby's]